The now defunct Countrywide Financial Corp. issued hundreds of discounted loans to government officials and Fannie Mae employees in order to build clout with influential policymakers, a new House report shows. The report, issued by the House Oversight and Government Reform Committee, details several Countrywide VIP loans that were given …
Bowing to competitive pressures, Bank of America yesterday scrapped plans to impose a monthly debit card fee. The proposed charge antagonized customers and provoked vitriol from politicians all too eager to deflect blame for the dumb regulations that prompted the fee in the first place. But as much as one …
When Bank of America announced a new $5 debit card fee in late September (along with a slew of other banks), President Barack Obama condemned it, and yesterday some Democrat Members of Congress called on Attorney General Eric Holder to launch an investigation. Unfortunately, they’re setting their sights on the wrong target. Instead …
Richard Cordray, President Obama’s pick to lead the Consumer Financial Protection Bureau, won approval from the Senate Banking Committee last week on a party-line vote. His confirmation to run the new agency faces fierce opposition from Republicans, who have vowed to block Senate approval until reforms are made to the agency. Sen. …
As if further evidence actually is needed, Bank of America on Thursday demonstrated yet again how government price controls inevitably harm consumers—and low-income consumers the most. In this instance, the nation’s largest bank (by assets) announced on Thursday a new $5 monthly fee for use of a debit card. Several …
The Washington Post may have shifted its coverage of the Wall Street bailout bill from the front page to the business section, but the newspapers in Connecticut, Sen. Chris Dodd’s home state, are rightly keeping up scrutiny of the relationship between the Democratic senator and the banks that would benefit …
